The Enforcement Directorate (ED) on Thursday carried out searches at multiple locations in Mumbai connected to companies linked to industrialist Anil Ambani. The action comes just days after the State Bank of India (SBI) declared Reliance Communications and its promoter-director Anil D. Ambani as ‘fraudulent’ entities.
The search operation did not include Ambani’s personal residence. However, ED teams from both Delhi and Mumbai visited premises associated with several of his group companies. The ongoing probe is tied to suspected money laundering involving entities under the Reliance Anil Ambani Group (RAAGA), according to an India Today report.
Several Inputs From Regulatory Bodies
The ED took this action based on inputs from several key regulatory and financial bodies. These include the National Housing Bank, the Securities and Exchange Board of India (SEBI), the National Financial Reporting Authority (NFRA), Bank of Baroda, and two FIRs registered by the Central Bureau of Investigation (CBI).
As per the report, senior business executives linked to the Ambani group are being searched as part of the widening probe. The ED alleges that it has uncovered a systematic scheme to divert public funds through a network of group companies. The agency believes multiple stakeholders — including banks, shareholders, investors, and public institutions — may have been misled or defrauded in the process.
Yes Bank Loans
At the center of the investigation is a series of loans amounting to Rs 3,000 crore taken from Yes Bank between 2017 and 2019. ED officials claim that before these loans were officially disbursed to the Reliance Group, large sums were transferred to entities allegedly associated with the bank’s promoters. The agency is also examining a suspected bribery angle involving former Yes Bank executives.
The investigation gained further momentum after authorities shared findings related to Reliance Home Finance Ltd (RHFL). One of the most alarming red flags was a sudden and sharp rise in corporate loan disbursements, jumping from Rs 3,742.60 crore in the financial year 2017–18 to Rs 8,670.80 crore in 2018–19.
SBI Declaration
In a related development, the State Bank of India (SBI) recently declared Reliance Communications (RCom) and its promoter Anil Ambani as ‘fraud’ under RBI’s guidelines on fraud risk management. The declaration, made on June 13, 2025, was reported to the Reserve Bank of India on June 24, and the bank is preparing to file a formal complaint with the CBI.
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